Market Insight

Market Roundup

The RMB weakened again today, falling below 7.32 against the US dollar. Hong Kong stocks 百market fluctuated today. The HSI rebounded after falling 150 points at mid-day. The HSI closed at 18,449, down 6 points or 0.0%. The HSTECH reported at 4,176, down 16 points or 0.4%. The HSCEI rose 6 points, or 0.1%, to 6,403. Market turnover was HK$92.93bn. Chinese media pointed out that the continued implementation of property purchase restriction and loan restriction policies was outdated, and Chinese property stocks surged. Sunac China (1918) and Shimao Group (0813) surged 68.4% and 53.1% against market today. The performance of heavy-weight technology stocks performed not well, with Tencent (0700) and Alibaba (9988) falling 0.4% and 0.1% respectively.

Source: KGI Asia Investment Strategy

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